TIDMBAE 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM ANY RESTRICTED JURISDICTION OR OTHER JURISDICTION WHERE TO DO SO WOULD 
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
 
26 January 2015 
 
                      RECOMMENDED CASH OFFER FOR BEALE PLC 
 
          Irrevocable undertaking from Nigel Beale and Anthony Lowrey 
 
On 19 January 2015, the boards of Beales and English Rose released an 
announcement (the "19 January Announcement") that they had reached agreement on 
the terms of a recommended cash offer by English Rose for the entire issued and 
to be issued share capital of Beales. 
 
On 23 January 2015, English Rose received an irrevocable undertaking to accept 
the Offer from Nigel Beale and Anthony Lowrey in respect of 819,140 Beales 
Shares, representing 3.99 per cent. of the issued ordinary share capital of 
Beales. The undertaking will remain binding in the event of a higher competing 
offer announced by a third party in respect of all the share capital of Beales 
and will cease to be binding only if the Offer is withdrawn or lapses.. 
 
At 19 January 2015, English Rose had received binding irrevocable undertakings 
from the members of the Concert Party and the Beales Directors to accept the 
Offer in respect of a total of 6,120,000 Beales Shares, representing, in 
aggregate, approximately 29.82 per cent. of Beales' issued ordinary share 
capital. 
 
Accordingly, English Rose has now received binding irrevocable undertakings to 
accept the Offer in respect of a total of 6,939,140 Beales Shares, 
representing, in aggregate, approximately 33.81 per cent. of Beales' issued 
ordinary share capital. 
 
A copy of this announcement will be available, subject to certain restrictions 
in relation to persons resident in Restricted Jurisdictions, on English Rose's 
parent company's website at www.portnard.co.uk and on Beales' website at 
www.beales.co.uk until the end of the Offer Period. 
 
Enquiries 
 
English Rose Enterprises Limited 
Andrew Perloff/Simon Peters Tel. no.: 01707 667 300 
 
Sanlam Securities UK Limited (Financial adviser to English Rose) 
David Worlidge/Simon Clements Tel. no.: 020 7628 2200 
 
Beale PLC 
Michael Hitchcock Tel. no.: 01202 203 462 
 
Smith Square Partners LLP (Financial adviser to Beales) 
John Craven/Jade Jack Tel. no.: 020 3696 7260 
 
Buchanan Communications Ltd (PR adviser to Beales) 
Charles Ryland/Sophie McNulty Tel. no.: 020 7466 5000 
 
This announcement does not constitute or form part of any offer or invitation 
to sell or purchase any securities or the solicitation of an offer to purchase, 
otherwise acquire, subscribe for, sell or otherwise dispose of any securities, 
pursuant to the Offer or otherwise, nor shall there be any sale, issue or 
transfer of the securities referred to in this announcement in or into any 
jurisdiction in contravention of any applicable law. The Offer will be made 
solely by the Offer Document (together with, in the case of Beales Shares in 
certificated form, the Form of Acceptance), which will contain the full terms 
and conditions of the Offer, including details of how the Offer may be 
accepted. Beales Shareholders should carefully read the Offer Document (and, if 
they hold their Beales Shares in certificated form, the Form of Acceptance) in 
its entirety before making a decision with respect to the Offer. 
 
Sanlam Securities, which is authorised and regulated in the United Kingdom by 
the FCA, is acting exclusively for English Rose and no-one else in relation to 
the Offer and will not be responsible to anyone other than English Rose for 
providing the protections afforded to the customers of Sanlam Securities or for 
providing advice in relation to the Offer or in relation to the contents of 
this announcement or any transaction or arrangement referred to herein, save as 
imposed by the Financial Services and Markets Act 2000 or the regulatory regime 
established thereunder. 
 
Smith Square Partners, which is authorised and regulated in the United Kingdom 
by the FCA, is acting exclusively for Beales and no-one else in relation to the 
Offer and will not be responsible to anyone other than Beales for providing the 
protections afforded to the customers of Smith Square Partners or for providing 
advice in relation to the Offer or in relation to the contents of this 
announcement or any transaction or arrangement referred to herein. 
 
Disclosure requirements under the Code 
 
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of 
any class of relevant securities of an offeree company or of any securities 
exchange offeror (being any offeror other than an offeror in respect of which 
it has been announced that its offer is, or is likely to be, solely in cash) 
must make an Opening Position Disclosure following the commencement of the 
offer period and, if later, following the announcement in which any securities 
exchange offeror is first identified. An Opening Position Disclosure must 
contain details of the person's interests and short positions in, and rights to 
subscribe for, any relevant securities of each of (i) the offeree company and 
(ii) any securities exchange offeror(s). An Opening Position Disclosure by a 
person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm 
(London time) on the 10th business day following the commencement of the offer 
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th 
business day following the announcement in which any securities exchange 
offeror is first identified. Relevant persons who deal in the relevant 
securities of the offeree company or of a securities exchange offeror prior to 
the deadline for making an Opening Position Disclosure must instead make a 
Dealing Disclosure. 
 
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% 
or more of any class of relevant securities of the offeree company or of any 
securities exchange offeror must make a Dealing Disclosure if the person deals 
in any relevant securities of the offeree company or of any securities exchange 
offeror. A Dealing Disclosure must contain details of the dealing concerned and 
of the person's interests and short positions in, and rights to subscribe for, 
any relevant securities of each of (i) the offeree company and (ii) any 
securities exchange offeror, save to the extent that these details have 
previously been disclosed under Rule 8. A Dealing Disclosure by a person to 
whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on 
the business day following the date of the relevant dealing. 
 
If two or more persons act together pursuant to an agreement or understanding, 
whether formal or informal, to acquire or control an interest in relevant 
securities of an offeree company or a securities exchange offeror, they will be 
deemed to be a single person for the purpose of Rule 8.3. 
 
Opening Position Disclosures must also be made by the offeree company and by 
any offeror and Dealing Disclosures must also be made by the offeree company, 
by any offeror and by any persons acting in concert with any of them (see Rules 
8.1, 8.2 and 8.4 of the Code). 
 
Details of the offeree and offeror companies in respect of whose relevant 
securities Opening Position Disclosures and Dealing Disclosures must be made 
can be found in the Disclosure Table on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk, including details of the number of relevant 
securities in issue, when the offer period commenced and when any offeror was 
first identified. You should contact the Panel's Market Surveillance Unit on 
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to 
make an Opening Position Disclosure or a Dealing Disclosure. 
 
You should note that, for the purposes of the above summary of Rule 8 of the 
Code, English Rose is not treated as a securities exchange offeror and 
therefore there is no requirement to disclose interests or dealings in shares 
of English Rose or any other members of the Concert Party under Rule 8 of the 
Code. English Rose will be disclosing later today the details required to be 
disclosed by it under Rules 8.1(a) and 8.3(a) and any further disclosure in 
respect of all persons acting in concert with English Rose in accordance with 
Rules 8.1(a) and 8.3(a) and Notes 2(a)(i) and 2(b)(i) on Rule 8 will be made as 
soon as possible thereafter. 
 
Publication on websites 
 
In accordance with Rule 26.1 of the Code, a copy of this announcement will be 
made available, subject to certain restrictions relating to persons resident in 
a Restricted Jurisdiction, free of charge, on English Rose's parent company's 
website at www.portnard.co.uk and on Beales' website at www.beales.co.uk by no 
later than 12 noon (London time) on 20 January 2015. 
 
For the avoidance of doubt, neither the content of the websites referred to 
above nor the contents of any website accessible from hyperlinks on any such 
website (or any other website) is incorporated into, or forms part of, this 
announcement nor, unless previously published by means of a Regulatory 
Information Service, should any such content be relied upon in reaching a 
decision regarding the matters referred to in this announcement. 
 
In accordance with Rule 30.2, a person may request a copy of the announcement 
in hard copy form. A person may also request that all future documents, 
announcements and information in relation to the Offer should be in hard copy 
form. 
 
A hard copy of the announcement will not be sent unless so requested. A hard 
copy may be obtained by sending a request to Sanlam Securities, 10 King William 
Street, London EC4N 7TW or by contacting Sanlam Securities on +44 (0)20 7628 2200. 
 
 
 
 
 
END
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